Posted on 09/08/2005 1:10:12 PM PDT by ex-Texan
It will be months and months before the levees have been hardened and the city is safe to return to. It will be weeks and weeks before insurance adjusters are able to inspect houses that are still under water. Knowing the insurance industry as I do, most of this 'damage assessment' will be wasted energy. The box being checked the most on claim forms is labeled "deny this claim." Flood insurance is almost impossible to purchase in that region of the country.
Frankly, if I had owned a house in N.O., I would be thinking seriously about moving. The city just lost about 400,000 of its poorest residents. Most of them will not be returning either. What will the demographics of Jefferson Parrish look like in two years? It's anybody's guess.
I've got the same problem. My family, friends, and a job I love are all in San Diego so I have no desire to leave. I make a decent salary but I can't afford anything other than a dinky apartment conversion.
See my post # 21.
I can see why you love it there, it's beautiful.... and the air quality is great. Have you considered looking for a fixer-upper? Thats what we're trying to do.
SSSHHHHHH. Don't tell anybody. They might start buyin'.
It would be interesting to learn what the impact of Katrian is on this Housing Bubble ...
Sweet, Sen. Mary just lost 400.000 votes.
Sell Mortimer!!
I think I might be playing the waiting game for awhile. Fun!
The housing may not be rebuilt in NO, but people will need homes elsewhere, whether they are new, old, or mobile homes- they will need to live somewhere.
So are you Ill Mitch? I've already seen that site through word of mouth. I think it's totally hilarious.
If their claims are denied, and they are out of work, please tell me how these people will be able to purchase another home. How many people have that much cash laying around?
Doesn't FEMA provide loans/assistance when insurance doesn't pay (and I agree, those that are even insured will have their claims DENIED the vast majority of the time)? I am sure skilled workers will be finding jobs within a reasonable amount of time.
We know some folks from Biloxi who evacuated and the husband came back to check on the house. Their house had some damage, but nothing major (broken windows, a few shingles gone). Anyway, a neighbor who's house was totally destroyed, offered them cash for their house upon hearing that they planned to move away ASAP. They closed the deal immediately. I think we will see a lot of this. Houses that survived that storm with minimal damage will sell quickly. And certainly there will be a housing boom in other southern states (away from the coast of course).
I believe the answer is Tom and Susan are SOL. They will still have to repay the loan. I do not have answer for a standard 30 year loan in these circumstances. But I believe in good faith that the answer is the same.
But, if I am not correct, please forgive me.
The rats have lost their last blue state in the South.
I don't see why they can't declare bankruptcy. (Although I don't know how much has changed with the new rules.) They can let the bank foreclose on the property and then declare BK after the bank comes after them for the remainder OR they can just go ahead and declare BK ahead of time and save the foreclosure hassle. (With bankruptcy, you usually aren't allowed to have more than X in equity in your home, which wouldn't be the case in this situation.)
If they are unemployed with no real property, what else are they but bankrupt. After BK, they can get an almost normal loan rate after 2 years (it will stay on credit for longer but banks like 2 years to pass.)
Despite all we hear on the news, the middle/working class are the true victims. The welfare class will continue as usual and the rich can afford to get on with life.
I just turned Jeff Katz's radio show off. It is fatiguing!
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